Huge. The short term rental housing boom is unlike almost anything we’ve seen before. Estimates put short term rentals as about 20% of the global real estate market.

If that demand drops rapidly, it will mark a major shift. Tons of buyers and capital will be wiped off the table.

I agree with the usual perspective that housing prices almost always rise over time. But this is an unprecedented event in scale, and if reversed, it will have unprecedented ramifications.